A good home is probably the most important asset. It’s why people spend a fortune paying for it. However, the process of purchasing such a piece of property is a daunting task for many. Singapore is a leading country in real estate. Here, you are free to choose from a range of house –executive condominiums to public housing.
Buying a house involves emotions. If not careful one can end being a victim of common potholes that majority of homebuyers don’t see. Let’s have a quick look at errors to avoid when purchasing a house in Singapore.
Failure to consider hidden costs
Many first home buyers narrow to down payment and monthly fees. These two might be the significant cost, but legal fees, stamp duties, valuation reports, and insurance comes with a price. With time, your home might need maintenance too. Too often, Singapore home buyers see only the price tag of the property as the only cost of buying a home. Therefore, before you commit to buying a property, it is wise to put some financial planning. Nowadays you can easily do it thanks to property budget calculator/affordability calculator to establish the entire cost of buying such a property.
Many of us have ever purchased something from a friend, or family member advised for it. When buying a house, you need your needs ahead of others. For example, consider how long you plan to live there, size of your family and most importantly if you can afford it. Note that the concept of “dream home” is subject to change with time.
Not getting the right mortgage and in prior
In Singapore, an Approval in Principle is a promise from the bank that they will grant you the mortgage to purchase the home. It, not a guarantee and things might change when you re-submit your application to get the loan. To be on the safe side ensure you have a good credit factor and use a mortgage calculator to get the right figures needed to buy the house. Use the mortgage calculator to calculate the figures you will need for New Futura Condo here.
Trusting verbal agreement
Verbal agreements are quick and easy. If the process of home buying under such agreement goes smooth, everyone is happy. Trouble comes in when something wrong happens. A contractual agreement is the only reliable evidence when establishing facts. Therefore, if you are buying a house because you like specifics, e.g., a hanging chandelier hanging from the ceiling, it is better to confirm it in writing. Make an inventory of such items plus photographs and have both parties sign.
Failure to consider the future resale
In Singapore, there are different home buyers from a first home owner, a young to large families. When buying a property it wise to ensure it will not sell at a loss in the future. You might start off with a small apartment, but as a family grows in numbers, you will undoubtedly need more space. The thumb rule of fetching a profit from the resale of a property is to ensure its near social amenities such as MRT, offices, schools, etc.
There are lots of dynamics when purchasing a property in Singapore. They are not the same depending on the type of property, location, agent, etc. Listen to the right people and use the right agents in Singapore to buy the range of house available.